Retroactive Annuity Starting Date definition
Examples of Retroactive Annuity Starting Date in a sentence
If the Participant is eligible for a Retroactive Annuity Starting Date in accordance with subsection a.
Upon receipt of a Participant’s election to receive benefits based upon a Retroactive Annuity Starting Date (and spousal consent, if required), the Participant shall receive the same future periodic payments that would have been paid had the payments actually commenced on the Retroactive Annuity Starting Date.
If the Participant does not affirmatively elect a Retroactive Annuity Starting Date, the Participant shall receive a benefit which is Actuarial Equivalent of the benefit which would have been payable as of the Retroactive Annuity Starting Date.
The Participant shall also be paid a make-up payment to reflect any missed payment(s) for the period from the Retroactive Annuity Starting Date to the date benefit distributions commence, along with an appropriate adjustment for interest based on an interest rate of 4% compounded monthly.
If a Participant first becomes entitled to additional benefits after the Retroactive Annuity Starting Date, whether through additional service or because of a benefit increase, the actuarial increase in those benefits will start from the date they would first have been paid rather than the Retroactive Annuity Starting Date.
The actuarial increase will be one percent (1%) per month for the first sixty (60) months after the Retroactive Annuity Starting Date and one and one-half percent (1.5%) per month for each month thereafter.
If for any reason a QJSA Notice is not provided to a Member prior to his originally scheduled Annuity Starting Date (his “Retroactive Annuity Starting Date”), the Member shall have the right to elect to receive his Plan benefits calculated as of either (1) his Retroactive Annuity Starting Date, or (2) the date for which the payment of his benefits will be rescheduled to commence (his “Prospective Annuity Starting Date”).
Notwithstanding the above to the contrary, effective January 1, 2004, in the event a Participant elects a Retroactive Annuity Starting Date as provided in Section 6.5, the notice under 6.3.1 shall be provided to the Participant on or about the date that the Participant files an election for a Retroactive Annuity Starting Date.
If the Participant has already reached his Normal Retirement Date, such Participant may affirmatively elect in writing, under procedures established by the Plan, to use a Retroactive Annuity Starting Date in lieu of receiving an actuarially increased Pension benefit.
A Participant’s spouse shall be required to consent to the designation of a Retroactive Annuity Starting Date hereunder; provided, however, that the Participant’s spouse shall not be required to consent if the survivor annuity payments under the form of benefit payable hereunder equal or exceed the survivor annuity payments payable under a Qualified Joint and Survivor Annuity calculated as of the date benefit payments to the Participant actually commence and not as of the Retroactive Annuity Starting Date.